Core Viewpoint - AMREP Corporation (AXR) experienced a notable increase in stock price following its earnings report, outperforming the S&P 500 Index during the same period [1] Financial Performance Overview - For Q1 of fiscal 2026, AMREP reported revenues of $17.9 million, a decrease of 6.5% from $19.1 million in the same quarter last year [2] - Net income increased by 15.5% year over year to $4.7 million from $4.1 million, indicating improved profitability [2] - Diluted earnings per share rose 14.5% to $0.87 from $0.76 a year ago [2] Segmental Performance - Home sale revenues increased by 6.4% year over year to $9.6 million, driven by higher unit sales and pricing mix [3] - Land sale revenues fell by 19.8% year over year to $7.5 million due to lower volumes of developed residential lots sold [3][4] - Other revenues, including landscaping and miscellaneous services, grew by 4.9% year over year to $0.8 million [3] Land Development Dynamics - Revenues from land development decreased by 19.8% to $7.5 million, primarily due to fewer acres of developed residential land sold [4] - The segment's gross margins improved significantly to 69% from 48%, aided by reimbursements for infrastructure costs and favorable lot demand [4] Homebuilding Dynamics - Homebuilding revenues rose by 6.4% to $9.6 million, supported by the sale of 22 homes compared to 21 in the previous year [6] - The average selling price of homes increased by 1.4% to $434,000 from $428,000 [6] - Gross margins improved to 25% from 19% a year earlier, despite rising labor and material costs [6] Key Business Metrics - Operating income increased by 23.1% to $6.1 million from $4.9 million in the prior-year quarter [8] - Net interest income rose by 62.3% to $456,000 from $281,000, benefiting from higher interest rates [8] - General and administrative expenses increased by 13.2% to $1.8 million from $1.6 million [8] Liquidity and Inventory - AMREP ended the quarter with $49.4 million in cash and equivalents, up from $39.9 million [9] - Real estate inventory decreased to $64.8 million from $66.8 million, while investment assets rose to $15.9 million from $14.9 million [9] - The company leased 27 homes to tenants, up from 21 at the end of April, reflecting a strategy to balance sales with rental opportunities [9] Management Commentary - Management indicated that revenue performance can vary significantly based on transaction timing and property type [10] - The results highlighted how shifts in product mix and customer demand influenced gross margins across land and home sales [10] Factors Influencing Performance - The revenue decline was primarily due to reduced land sales, particularly fewer developed residential lots [11] - Profitability expanded as land sales carried significantly higher gross margins compared to the previous year [11] Guidance and Future Outlook - AMREP did not provide formal quantitative guidance but noted a backlog of 24 homes under contract, representing approximately $11.5 million in expected revenues [12] - Management emphasized that past results may not predict future outcomes due to variability in land and home sales [12] Recent Developments - In August 2025, AMREP Southwest Inc. amended its revolving line of credit, increasing the maximum borrowing capacity by $750,000 to $6.5 million [13] - The maturity of the credit facility was extended to August 15, 2028, enhancing financial flexibility for operations [13]

Financial Performance - AMREP Corporation reported net income of $4,692,000, or $0.87 per diluted share, for the first quarter of fiscal 2026, an increase from $4,064,000, or $0.76 per diluted share, in the same period of the prior year [1] - Revenues for the first quarter of 2026 were $17,851,000, down from $19,091,000 in the first quarter of 2025 [1][5] - Basic earnings per share increased to $0.88 from $0.77 year-over-year, while diluted earnings per share rose to $0.87 from $0.76 [5] Company Overview - AMREP Corporation is a major holder of land and a leading developer of real estate, as well as an award-winning homebuilder in New Mexico [3]

[FORM 8-K Filing Information](index=1&type=section&id=FORM%208-K%20Filing%20Information) This section details the essential identification information for AMREP Corporation's Form 8-K filing, including registrant details and filing classification [Registrant Information](index=1&type=section&id=AMREP%20CORPORATION) This section details AMREP Corporation's essential identification, including legal name, incorporation state, SEC numbers, and registered securities - Registrant Name: **AMREP CORPORATION**[2](index=2&type=chunk) - State of Incorporation: **Oklahoma**[2](index=2&type=chunk) Registered Securities | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Common Stock $.10 par value | AXR | New York Stock Exchange | [Filing Type and Emerging Growth Company Status](index=1&type=section&id=Check%20the%20appropriate%20box%20below) This section clarifies the Form 8-K filing as a Current Report and confirms AMREP is not an emerging growth company - Filing Type: **Current Report on Form 8-K**[1](index=1&type=chunk) - Emerging Growth Company: **No**[4](index=4&type=chunk) [Current Report Items](index=2&type=section&id=Current%20Report%20Items) This section details the specific items reported in the Form 8-K, including financial results and accompanying exhibits [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) AMREP Corporation announced financial results for the three months ended July 31, 2025, via a press release furnished as Exhibit 99.1 - Event Date: **September 9, 2025**[5](index=5&type=chunk) - Reported Period: **Three months ended July 31, 2025**[5](index=5&type=chunk) - Method of Disclosure: **Press Release (Exhibit 99.1)**[5](index=5&type=chunk) - Information in Item 2.02 and Exhibit 99.1 is not deemed 'filed' for Section 18 of the Securities Exchange Act of 1934[6](index=6&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits.) This section lists all exhibits accompanying the Form 8-K, including the press release and interactive data file Form 8-K Exhibits | Exhibit Number | Description | | :------------- | :---------------------------------------------------------- | | 99.1 | Press Release, dated September 9, 2025, issued by AMREP Corporation. | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | [Signatures and Exhibit Index](index=3&type=section&id=SIGNATURES) This section includes the formal signatures authorizing the Form 8-K filing and a comprehensive index of all attached exhibits [Signatures](index=3&type=section&id=SIGNATURES) The report was formally signed by Adrienne M. Uleau, CFO and VP, on September 9, 2025, confirming authorization - Signatory: **Adrienne M. Uleau**[12](index=12&type=chunk) - Title: **Chief Financial Officer and Vice President**[12](index=12&type=chunk) - Date of Signature: **September 9, 2025**[12](index=12&type=chunk) [Exhibit Index](index=4&type=section&id=EXHIBIT%20INDEX) This section provides a comprehensive list of all exhibits accompanying the Form 8-K filing Comprehensive Exhibit List | Exhibit Number | Description | | :------------- | :---------------------------------------------------------- | | 99.1 | Press Release, dated September 9, 2025, issued by AMREP Corporation. | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

[FORM 10-Q General Information](index=1&type=section&id=FORM%2010-Q%20General%20Information) AMREP Corporation's Quarterly Report on Form 10-Q for the period ended July 31, 2025, is classified as a Non-accelerated filer and Smaller reporting company [Filing Details](index=1&type=section&id=Filing%20Details) This document is AMREP Corporation's Quarterly Report on Form 10-Q for the period ended July 31, 2025, with 5,305,949 shares of common stock outstanding - AMREP Corporation filed its Quarterly Report on Form 10-Q for the period ended July 31, 2025[1](index=1&type=chunk) - The company is classified as a Non-accelerated filer and a Smaller reporting company[2](index=2&type=chunk) Common Stock Outstanding | Metric | Value | | :----- | :---- | | Common Stock Outstanding (as of Sep 5, 2025) | 5,305,949 shares | [PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents AMREP Corporation's unaudited condensed consolidated financial statements and management's discussion and analysis for the period [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income, shareholders' equity, and cash flows, with detailed notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased by 5.1% and total liabilities by 55.5% from April 30, 2025, to July 31, 2025, while shareholders' equity grew by 3.7% Condensed Consolidated Balance Sheet Highlights (Amounts in thousands) | Metric | July 31, 2025 (Unaudited) | April 30, 2025 | | :-------------------------------- | :------------------------ | :------------- | | Cash and cash equivalents | $48,938 | $39,466 | | Real estate inventory | $64,782 | $66,750 | | Investment assets, net | $15,910 | $14,880 | | TOTAL ASSETS | $140,660 | $133,776 | | Accounts payable and accrued expenses | $5,906 | $3,789 | | TOTAL LIABILITIES | $5,931 | $3,815 | | TOTAL SHAREHOLDERS' EQUITY | $134,729 | $129,961 | - Total assets increased by **$6,884 thousand (5.1%)** from April 30, 2025, to July 31, 2025[7](index=7&type=chunk) - Total liabilities increased by **$2,116 thousand (55.5%)** from April 30, 2025, to July 31, 2025[7](index=7&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues decreased by 6.5% year-over-year, but net income increased by 15.5% due to reduced land sale costs and improved operating income Condensed Consolidated Statements of Operations Highlights (Amounts in thousands, except per share amounts) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :--------------------------------- | :------------------------------- | :------------------------------- | | Land sale revenues | $7,494 | $9,349 | | Home sale revenues | $9,570 | $8,992 | | Total revenues | $17,851 | $19,091 | | Land sale cost of revenues, net | $2,352 | $4,909 | | Home sale cost of revenues | $7,180 | $7,245 | | Total costs and expenses | $11,705 | $14,099 | | Operating income | $6,146 | $4,992 | | Net income | $4,692 | $4,064 | | Earnings per share – basic | $0.88 | $0.77 | | Earnings per share – diluted | $0.87 | $0.76 | - Total revenues decreased by **$1,240 thousand (-6.5%)** year-over-year[10](index=10&type=chunk) - Net income increased by **$628 thousand (15.5%)** year-over-year[10](index=10&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Total comprehensive income for the three months ended July 31, 2025, was $4,692 thousand, consistent with net income due to no other comprehensive income items Condensed Consolidated Statements of Comprehensive Income (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :--------------- | :------------------------------- | :------------------------------- | | Net income | $4,692 | $4,064 | | Other comprehensive income | — | — | | Total comprehensive income | $4,692 | $4,064 | [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) Shareholders' equity increased from $129,961 thousand to $134,729 thousand, primarily due to net income and stock-based compensation expenses Condensed Consolidated Statements of Shareholders' Equity Highlights (Amounts in thousands) | Metric | May 1, 2025 | July 31, 2025 | | :-------------------------------- | :---------- | :------------ | | Common Stock (Amount) | $528 | $531 | | Capital Contributed in Excess of Par Value | $33,409 | $33,482 | | Retained Earnings | $96,024 | $100,716 | | Total Shareholders' Equity | $129,961 | $134,729 | **Changes during the three months ended July 31, 2025:** | Item | Amount | | :------------------------------------------------ | :----- | | Net income | $4,692 | | Issuance of restricted common stock | $3 | | Stock compensation expense | $60 | | Compensation related to issuance of option to purchase common stock | $13 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities decreased by 10.9% to $9,525 thousand, with an overall increase in cash, cash equivalents, and restricted cash of $9,503 thousand Condensed Consolidated Statements of Cash Flows Highlights (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by operating activities | $9,525 | $10,691 | | Net cash used in investing activities | $(20) | $(34) | | Net cash used in financing activities | $(2) | $(1) | | Increase in cash, cash equivalents and restricted cash | $9,503 | $10,656 | | Cash, cash equivalents and restricted cash, end of period | $49,424 | $40,897 | - Net cash provided by operating activities decreased by **$1,166 thousand (-10.9%)** year-over-year[19](index=19&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide essential details and breakdowns for the condensed consolidated financial statements, covering accounting policies, asset/liability categories, revenues, expenses, and segment performance [(1) SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES](index=9&type=section&id=%281%29%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20AND%20FINANCIAL%20REPORTING%20POLICIES) The company operates primarily in land development and homebuilding, with no foreign sales, and financial statements are prepared consistent with GAAP and SEC rules - AMREP Corporation is primarily engaged in land development and homebuilding segments[21](index=21&type=chunk) - The company has no foreign sales[21](index=21&type=chunk) [(2) REAL ESTATE INVENTORY](index=9&type=section&id=%282%29%20REAL%20ESTATE%20INVENTORY) Real estate inventory decreased by $1,968 thousand, mainly due to a reduction in homebuilding model and completed inventory, partially offset by increased land inventory Real Estate Inventory (Amounts in thousands) | Category | July 31, 2025 | April 30, 2025 | | :-------------------------------- | :------------ | :------------- | | Land inventory | $51,127 | $50,030 | | Homebuilding model and completed inventory | $10,120 | $13,090 | | Homebuilding construction in process | $3,535 | $3,630 | | Total | $64,782 | $66,750 | - Total real estate inventory decreased by **$1,968 thousand (-3.0%)** from April 30, 2025, to July 31, 2025[25](index=25&type=chunk) [(3) INVESTMENT ASSETS](index=9&type=section&id=%283%29%20INVESTMENT%20ASSETS) Investment assets, net, increased by $1,030 thousand, primarily due to a 23% rise in owned real estate leased or intended to be leased Investment Assets, Net (Amounts in thousands) | Category | July 31, 2025 | April 30, 2025 | | :--------------------------------- | :------------ | :------------- | | Land held for long-term investment | $8,507 | $8,843 | | Owned real estate leased or intended to be leased, net | $7,403 | $6,037 | | Total | $15,910 | $14,880 | - The number of homes leased to residential tenants increased from 21 at April 30, 2025, to **27** at July 31, 2025[27](index=27&type=chunk) [(4) OTHER ASSETS](index=11&type=section&id=%284%29%20OTHER%20ASSETS) Other assets increased by $229 thousand, mainly due to a rise in prepaid expenses, including land development cash collateralized performance guaranties and insurance Other Assets (Amounts in thousands) | Category | July 31, 2025 | April 30, 2025 | | :----------------------------------- | :------------ | :------------- | | Prepaid expenses | $704 | $470 | | Property and equipment, net | $2,168 | $2,186 | | Total | $3,168 | $2,939 | - Prepaid expenses increased by **$234 thousand**, primarily due to land development cash collateralized performance guaranties and insurance[28](index=28&type=chunk) [(5) ACCOUNTS PAYABLE AND ACCRUED EXPENSES](index=11&type=section&id=%285%29%20ACCOUNTS%20PAYABLE%20AND%20ACCRUED%20EXPENSES) Accounts payable and accrued expenses increased significantly by $2,117 thousand (55.9%), driven by increases in trade payables and accrued expenses Accounts Payable and Accrued Expenses (Amounts in thousands) | Category | July 31, 2025 | April 30, 2025 | | :-------------------------------- | :------------ | :------------- | | Land development and homebuilding operations | $5,265 | $3,221 | | Corporate operations | $641 | $568 | | Total | $5,906 | $3,789 | - Trade payables increased from **$1,305 thousand to $3,006 thousand**[29](index=29&type=chunk) [(6) NOTES PAYABLE](index=12&type=section&id=%286%29%20NOTES%20PAYABLE) Notes payable remained low at $25 thousand, with $3,688 thousand available for new borrowings under the Revolving Line of Credit Notes Payable Summary (Amounts in thousands) | Loan Identifier | Outstanding Principal Amount (July 31, 2025) | Outstanding Principal Amount (April 30, 2025) | | :------------------ | :--------------------------------------- | :---------------------------------------- | | Revolving Line of Credit | $— | $— | | Equipment Financing | $25 | $26 | | Total | $25 | $26 | - The company had **$3,688 thousand** available for new borrowings under its Revolving Line of Credit as of July 31, 2025[30](index=30&type=chunk) - Loan reserves of **$1,812 thousand** were outstanding under the Revolving Line of Credit for municipal performance guaranties[31](index=31&type=chunk) [(7) REVENUES](index=13&type=section&id=%287%29%20REVENUES) Total revenues decreased by 6.5% year-over-year, primarily due to a 20% decline in land sale revenues, partially offset by a 6.4% increase in home sale revenues Revenues by Category (Amounts in thousands) | Category | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :------------------- | :------------------------------- | :------------------------------- | | Land sale revenues | $7,494 | $9,349 | | Home sale revenues | $9,570 | $8,992 | | Other revenues | $787 | $750 | | Total revenues | $17,851 | $19,091 | Other Revenues Breakdown (Amounts in thousands) | Category | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :------------------------ | :------------------------------- | :------------------------------- | | Landscaping revenues | $541 | $621 | | Miscellaneous other revenues | $246 | $129 | | Total | $787 | $750 | - One customer contributed over **10% of total revenues** for the three months ended July 31, 2025, generating **$2,524 thousand** in land development revenue[37](index=37&type=chunk) [(8) COST OF REVENUES](index=13&type=section&id=%288%29%20COST%20OF%20REVENUES) Total cost of revenues decreased by 17.7% year-over-year, primarily due to a 52.1% reduction in land sale cost of revenues, leading to improved gross margins Cost of Revenues (Amounts in thousands) | Category | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | | Land sale cost of revenues, net | $2,352 | $4,909 | | Home sale cost of revenues | $7,180 | $7,245 | | Other cost of revenues | $326 | $314 | | Total costs and expenses | $11,705 | $14,099 | - Land sale gross margins increased to **69%** for the three months ended July 31, 2025, from **48%** in the prior year[68](index=68&type=chunk) - Home sale gross margins increased to **25%** for the three months ended July 31, 2025, from **19%** in the prior year[70](index=70&type=chunk) [(9) GENERAL AND ADMINISTRATIVE EXPENSES](index=14&type=section&id=%289%29%20GENERAL%20AND%20ADMINISTRATIVE%20EXPENSES) Total general and administrative expenses increased by 13.2% to $1,847 thousand, with increases across all segments due to various operational costs General and Administrative Expenses by Segment (Amounts in thousands) | Segment | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :-------------- | :------------------------------- | :------------------------------- | | Land development | $988 | $908 | | Homebuilding | $447 | $390 | | Corporate | $412 | $333 | | Total | $1,847 | $1,631 | - Total general and administrative expenses increased by **$216 thousand (13.2%)** year-over-year[40](index=40&type=chunk) [(10) BENEFIT PLANS](index=14&type=section&id=%2810%29%20BENEFIT%20PLANS) The company accrued $31 thousand for 401(k) contributions and recognized $64 thousand in non-cash compensation for restricted shares, with $569 thousand unrecognized - **401(k) employer contribution** accrued was **$31 thousand** for the three months ended July 31, 2025[41](index=41&type=chunk) - Non-cash compensation expense for restricted shares was **$64 thousand** for the three months ended July 31, 2025[42](index=42&type=chunk) - Unrecognized compensation expense related to restricted shares was **$569 thousand** as of July 31, 2025, expected to be recognized over three years[42](index=42&type=chunk) [(11) COMMITMENTS AND CONTINGENCIES](index=15&type=section&id=%2811%29%20COMMITMENTS%20AND%20CONTINGENCIES) Warranty reserves increased to $303 thousand, with $1,812 thousand in loan reserves for municipal performance guaranties, and no litigation accruals Warranty Reserves (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | | Balance at beginning of period | $259 | $174 | | Warranty issued during period | $49 | $45 | | Warranty expenditures during period | $(5) | $(4) | | Balance at end of period | $303 | $215 | - The company had **$1,812 thousand** in loan reserves outstanding for municipal performance guaranties[46](index=46&type=chunk) - No amounts were accrued for litigation matters as of July 31, 2025[47](index=47&type=chunk) [(12) EARNINGS PER SHARE](index=15&type=section&id=%2812%29%20EARNINGS%20PER%20SHARE) Basic EPS increased to $0.88 and diluted EPS to $0.87, reflecting the increase in net income for the period Earnings Per Share (Amounts in thousands, except per share amounts) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | | Net income | $4,692 | $4,064 | | Weighted average common shares outstanding – basic | 5,326 | 5,309 | | Earnings per share – basic | $0.88 | $0.77 | | Weighted average common shares outstanding – diluted | 5,375 | 5,353 | | Earnings per share – diluted | $0.87 | $0.76 | [(13) INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS](index=16&type=section&id=%2813%29%20INFORMATION%20ABOUT%20THE%20COMPANY'S%20OPERATIONS%20IN%20DIFFERENT%20INDUSTRY%20SEGMENTS) The Land Development segment generated $9,701 thousand in revenues and $4,807 thousand in profit, while the Homebuilding segment generated $8,150 thousand in revenues and $1,751 thousand in profit Segment Performance (Three Months Ended July 31, 2025, Amounts in thousands) | Metric | Land Development | Homebuilding | Consolidated | | :-------------------------------- | :--------------- | :----------- | :----------- | | Segment Revenues | $9,701 | $8,150 | $17,851 | | Cost of Revenues | $3,580 | $5,952 | $9,532 | | General and administrative expenses | $988 | $447 | $1,435 | | Segment profit (loss) | $4,807 | $1,751 | $6,558 | | Segment assets (as of July 31, 2025) | $115,518 | $23,172 | N/A | Segment Performance (Three Months Ended July 31, 2024, Amounts in thousands) | Metric | Land Development | Homebuilding | Consolidated | | :-------------------------------- | :--------------- | :----------- | :----------- | | Segment Revenues | $11,407 | $7,678 | $19,085 | | Cost of Revenues | $6,138 | $6,017 | $12,155 | | General and administrative expenses | $908 | $390 | $1,298 | | Segment profit (loss) | $4,047 | $1,271 | $5,318 | | Segment assets (as of July 31, 2024) | $100,886 | $14,183 | N/A | [(14) SUBSEQUENT EVENTS](index=18&type=section&id=%2814%29%20SUBSEQUENT%20EVENTS) In August 2025, AMREP Southwest Inc. modified its revolving line of credit, increasing the maximum borrowing amount to $6,500 thousand and extending the maturity date - Revolving line of credit maximum borrowing amount increased by **$750 thousand to $6,500 thousand**[56](index=56&type=chunk) - The scheduled maturity date of the loan was extended to **August 15, 2028**[56](index=56&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial performance and condition, highlighting changes in revenues, costs, liquidity, and critical accounting policies [Critical Accounting Policies and Estimates](index=19&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Management's discussion is based on consistent accounting policies, with no changes or material effects from new accounting standards during the quarter - No changes in critical accounting policies were reported[59](index=59&type=chunk) - No new accounting policies adopted in the three months ended July 31, 2025, had a material effect on financial statements[60](index=60&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) Net income increased to $4,692 thousand, or $0.87 per diluted share, despite a decrease in total revenues, driven by reduced land sale costs and improved gross margins Net Income and EPS (Amounts in thousands, except per share amounts) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :------------------- | :------------------------------- | :------------------------------- | | Net income | $4,692 | $4,064 | | Diluted EPS | $0.87 | $0.76 | [Revenues](index=20&type=section&id=Revenues) Total revenues decreased by 6% year-over-year to $17,851 thousand, mainly due to a 20% decline in land sale revenues, partially offset by home sale and other revenue increases Revenues by Category (Amounts in thousands) | Category | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Change (Decrease) | % Change | | :---------------- | :------------------------------- | :------------------------------- | :---------------- | :------- | | Land sale revenues | $7,494 | $9,349 | $(1,855) | (20)% | | Home sale revenues | $9,570 | $8,992 | $578 | 6 % | | Other revenues | $787 | $750 | $37 | 5 % | | Total | $17,851 | $19,091 | $(1,240) | (6)% | Land Sale Revenues Breakdown (Amounts in thousands) | Land Type | Acres Sold (2025) | Revenues (2025) | Revenue Per Acre (2025) | Acres Sold (2024) | Revenues (2024) | Revenue Per Acre (2024) | | :------------------ | :---------------- | :-------------- | :---------------------- | :---------------- | :-------------- | :---------------------- | | Developed Residential | 5.6 | $4,227 | $755 | 11.9 | $9,185 | $773 | | Developed Commercial | 3.3 | $1,000 | $303 | — | — | — | | Undeveloped | 486.1 | $2,267 | $5 | 18.1 | $164 | $9 | | Total | 495.0 | $7,494 | $15 | 30.0 | $9,349 | $312 | Home Sale Revenues Breakdown (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :------------------ | :------------------------------- | :------------------------------- | | Homes sold | 22 | 21 | | Average selling price | $434 | $428 | | Homes under contract (July 31, 2025) | 24 homes ($11,508 expected revenues) | 17 homes ($7,852 expected revenues) | [Cost of Revenues](index=22&type=section&id=Cost%20of%20Revenues) Total cost of revenues decreased by 21% to $9,858 thousand, primarily due to a 52% reduction in land sale cost of revenues, leading to improved gross margins Cost of Revenues (Amounts in thousands) | Category | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Increase (decrease) | % Change | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------ | :------- | | Land sale cost of revenues, net | $2,352 | $4,909 | $(2,557) | (52)% | | Home sale cost of revenues | $7,180 | $7,245 | $(65) | (1)% | | Other cost of revenues | $326 | $314 | $12 | 4 % | | Total | $9,858 | $12,468 | $(2,610) | (21)% | - Land sale gross margins increased to **69% (from 48%)** due to changes in reimbursements, property mix, and demand[68](index=68&type=chunk) - Home sale gross margins increased to **25% (from 19%)** due to location, size, and mix of homes sold, partially offset by sales incentives and increased building material/labor prices[70](index=70&type=chunk) [General and Administrative Expenses](index=24&type=section&id=General%20and%20Administrative%20Expenses) Total general and administrative expenses increased by 13% to $1,847 thousand, driven by increases across all segments due to various operational costs General and Administrative Expenses (Amounts in thousands) | Segment | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Increase | % Change | | :-------------- | :------------------------------- | :------------------------------- | :------- | :------- | | Land development | $988 | $908 | $80 | 9 % | | Homebuilding | $447 | $390 | $57 | 15 % | | Corporate | $412 | $333 | $79 | 24 % | | Total | $1,847 | $1,631 | $216 | 13 % | - No non-cash impairment charges on real estate inventory or investment assets were recorded[72](index=72&type=chunk) [Interest Income, net](index=24&type=section&id=Interest%20Income%2C%20net) Net interest income increased to $456 thousand, with no interest or loan costs capitalized in real estate inventory during either period Interest Income, net (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :------------------ | :------------------------------- | :------------------------------- | | Interest income, net | $456 | $281 | [Income Taxes](index=24&type=section&id=Income%20Taxes) The provision for income taxes increased to $1,910 thousand, reflecting the higher income before income taxes Provision for Income Taxes (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :---------------------- | :------------------------------- | :------------------------------- | | Provision for income taxes | $1,910 | $1,209 | [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) Cash, cash equivalents, and restricted cash increased by 24% to $49,424 thousand, with net cash from operating activities at $9,525 thousand, and no off-balance sheet arrangements Cash, Cash Equivalents and Restricted Cash (Amounts in thousands) | Metric | July 31, 2025 | April 30, 2025 | Increase (decrease) | % Change | | :---------------------- | :------------ | :------------- | :------------------ | :------- | | Cash | $14,807 | $10,651 | $4,156 | 39 % | | U.S. Government Securities | $34,131 | $28,815 | $5,316 | 18 % | | Restricted Cash | $486 | $455 | $31 | 7 % | | Total | $49,424 | $39,921 | $9,503 | 24 % | [Cash Flow](index=25&type=section&id=Cash%20Flow) Net cash provided by operating activities was $9,525 thousand, primarily from business operations and reduced real estate inventory, partially offset by increased investment and other assets Cash Flows (Amounts in thousands) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by operating activities | $9,525 | $10,691 | | Net cash provided by (used in) investing activities | $(20) | $(34) | | Net cash provided by (used in) financing activities | $(2) | $(1) | | Increase in cash and cash equivalents | $9,503 | $10,656 | - Notes payable decreased from **$26 thousand to $25 thousand** due to principal debt repayments[78](index=78&type=chunk) [Asset and Liability Levels](index=25&type=section&id=Asset%20and%20Liability%20Levels) Real estate inventory decreased by 3%, investment assets increased by 7%, and accounts payable and accrued expenses significantly increased by 56% Asset and Liability Levels (Amounts in thousands) | Metric | July 31, 2025 | April 30, 2025 | Increase (decrease) | % Change | | :-------------------------- | :------------ | :------------- | :------------------ | :------- | | Real estate inventory | $64,782 | $66,750 | $(1,968) | (3)% | | Investment assets, net | $15,910 | $14,880 | $1,030 | 7 % | | Other assets | $3,168 | $2,939 | $229 | 8 % | | Deferred income taxes, net | $7,292 | $8,969 | $(1,677) | (19)% | | Accounts payable and accrued expenses | $5,906 | $3,789 | $2,117 | 56 % | | Income taxes receivable, net | $84 | $317 | $(233) | (74)% | - Owned real estate leased or intended to be leased, net, increased by **$1,366 thousand (23%)** from April 30, 2025, to July 31, 2025[79](index=79&type=chunk)[80](index=80&type=chunk) - The company leased **27 homes** to residential tenants as of July 31, 2025, up from 21 homes at April 30, 2025, opportunistically leasing completed homes due to affordability challenges[81](index=81&type=chunk) [Off-Balance Sheet Arrangements](index=27&type=section&id=Off-Balance%20Sheet%20Arrangements) The company did not have any off-balance sheet arrangements as of July 31, 2025, or July 31, 2024 - The company did not have any off-balance sheet arrangements as of July 31, 2025, or July 31, 2024[82](index=82&type=chunk) [Recent Accounting Pronouncements](index=27&type=section&id=Recent%20Accounting%20Pronouncements) No recently issued accounting pronouncements had a material effect on the unaudited condensed consolidated financial statements - No recently issued accounting pronouncements had a material effect on the financial statements[82](index=82&type=chunk) [Statement of Forward-Looking Information](index=27&type=section&id=Statement%20of%20Forward-Looking%20Information) This section includes a standard safe harbor statement for forward-looking information, outlining various factors that could cause actual results to differ materially from projections - The report contains forward-looking statements regarding future performance, financing, liquidity, warranty claims, market conditions, and compensation plans[83](index=83&type=chunk)[84](index=84&type=chunk) - The company does not undertake any obligation to update or revise forward-looking statements[86](index=86&type=chunk) [Item 4. Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of July 31, 2025, with no material changes to internal control over financial reporting [Evaluation of Disclosure Controls and Procedures](index=29&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) The company's management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of July 31, 2025 - Disclosure controls and procedures were evaluated and deemed effective as of July 31, 2025[88](index=88&type=chunk) [Changes in Internal Control over Financial Reporting](index=29&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) No material changes in the company's internal control over financial reporting occurred during the most recent fiscal quarter - No material changes in internal control over financial reporting occurred during the quarter[89](index=89&type=chunk) [PART II. OTHER INFORMATION](index=30&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers other required information, including trading arrangements and a list of exhibits filed with the Form 10-Q [Item 5. Other Information](index=30&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended July 31, 2025 - No director or officer adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter[92](index=92&type=chunk) [Item 6. Exhibits](index=30&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including modification agreements, promissory notes, certifications, and XBRL documents Key Exhibits | Exhibit Number | Description | | :------------- | :---------- | | 10.1 | Seventh Modification Agreement, dated August 15, 2025, between BOKF, NA dba Bank of Albuquerque and AMREP Southwest Inc. | | 10.2 | Second Amended and Restated Revolving Line of Credit Promissory Note, dated August 15, 2025, by AMREP Southwest Inc. in favor of BOKF, NA dba Bank of Albuquerque. | | 31.1, 31.2 | Certifications required by Rule 13a-14(a) under the Securities Exchange Act of 1934 | | 32 | Certification required pursuant to 18 U.S.C. Section 1350 | | 101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE | Inline XBRL Taxonomy Extensions | | 104 | Cover Page Interactive Data File | [SIGNATURE](index=31&type=section&id=SIGNATURE) The report was duly signed on behalf of AMREP Corporation by Adrienne M. Uleau, Chief Financial Officer, on September 9, 2025 [Signature of Authorized Officer](index=31&type=section&id=Signature%20of%20Authorized%20Officer) The report was duly signed on behalf of AMREP Corporation by Adrienne M. Uleau, Chief Financial Officer (Principal Accounting Officer), on September 9, 2025 - The report was signed by Adrienne M. Uleau, Chief Financial Officer, on September 9, 2025[95](index=95&type=chunk) [EXHIBIT INDEX](index=32&type=section&id=EXHIBIT%20INDEX) This section reiterates the comprehensive list of exhibits filed with the Form 10-Q, providing specific details for each document [Detailed Exhibit List](index=32&type=section&id=Detailed%20Exhibit%20List) This section reiterates the comprehensive list of exhibits filed with the Form 10-Q, providing specific details for each document, including modification agreements, promissory notes, certifications, and various Inline XBRL files Detailed Exhibit List | Exhibit Number | Description | | :------------- | :---------- | | 10.1 | Seventh Modification Agreement, dated as of August 15, 2025, between BOKF, NA dba Bank of Albuquerque and AMREP Southwest Inc. | | 10.2 | Second Amended and Restated Revolving Line of Credit Promissory Note, dated August 15, 2025, by AMREP Southwest Inc. in favor of BOKF, NA dba Bank of Albuquerque. | | 31.1 | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934 | | 31.2 | Certification required by Rule 13a-14(a) under the Securities Exchange Act of 1934 | | 32 | Certification required pursuant to 18 U.S.C. Section 1350 | | 101.INS | Inline XBRL Instance Document | | 101.SCH | Inline XBRL Taxonomy Extension Schema | | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | | 104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit) |

Core Viewpoint - AMREP Corporation experienced strong earnings growth in fiscal 2025 despite a decline in annual revenues, with net income increasing significantly while revenues were impacted by lower other revenues and high-value transactions [2][11]. Financial Performance - Net income surged 90.1% to $12.7 million, or $2.37 per diluted share, compared to $6.7 million, or $1.25 per share, in fiscal 2024 [2]. - Revenues fell 3.3% to $49.7 million from $51.4 million, primarily due to a 61.9% decline in other revenues, which offset a 23.6% increase in home sale revenues [2]. - Fourth-quarter fiscal 2025 net income was $3.9 million, or $0.73 per share, down from $4.1 million, or $0.77 per share, in the previous year [3]. - Fourth-quarter revenues declined 42.8% to $11.2 million from $19.5 million, reflecting reduced high-value transactions [3]. Segmental Breakdown - Land sales for the full fiscal year decreased 4.4% to $25.6 million from $26.8 million, influenced by a reduced volume of high-priced undeveloped land sales [4]. - Home sale revenue rose 23.6% to $21.2 million from $17.2 million, driven by an increase in the number of closings, despite a 10.9% drop in average selling prices [5]. Cost and Margin Analysis - Land sale cost of revenues dropped 28.2% to $12.4 million from $17.2 million, with gross profit margins improving in the land segment to 52% from 36% [6]. - Homebuilding margins compressed to 21% from 25% due to elevated costs and a shift toward smaller homes [6]. Operational Metrics - General and administrative expenses rose 5.9% to $7.3 million, mainly due to expanded homebuilding operations and IT costs [7]. - Interest income surged 97.1% to $1.6 million from $0.8 million, attributed to increased holdings of U.S. government securities [7]. Management Insights - Management noted delays in municipal approvals and utility access affecting construction timelines, leading to a strategic moderation in development projects [8]. - The company ended the year with 88 homes under production, including 28 under contract, indicating an improving sales pipeline [9]. Future Outlook - Management cautioned about a likely decline in developed land sales in fiscal 2026 due to fewer active development projects and infrastructure bottlenecks [14]. - AMREP believes it is well-positioned to handle near-term volatility, supported by year-end cash and equivalents totaling $39.9 million [14][13]. Other Developments - AMREP expanded its leasing strategy, increasing homes under lease to 21 from 10 in the prior year, diversifying revenue sources [15]. - The company terminated its defined benefit pension plan, simplifying its balance sheet and eliminating long-term pension obligations [16].

Financial Performance - AMREP Corporation reported a net income of $12,716,000, or $2.37 per diluted share, for the fiscal year ended April 30, 2025, compared to a net income of $6,690,000, or $1.25 per diluted share, for the same period in the prior year [1] - Revenues for fiscal 2025 were $49,694,000, down from $51,369,000 in fiscal 2024 [1][5] - Basic income per share increased to $2.39 in 2025 from $1.26 in 2024, while diluted income per share rose to $2.37 from $1.25 [5] Company Overview - AMREP Corporation is a major holder of land, a leading developer of real estate, and an award-winning homebuilder located in New Mexico [3]

[AMREP Corporation Form 8-K Filing (July 25, 2025)](index=1&type=section&id=AMREP%20Corporation%20Form%208-K) [Filing Information](index=1&type=section&id=Filing%20Information) This Form 8-K was filed by AMREP Corporation on July 25, 2025, with its common stock registered on the New York Stock Exchange under the symbol AXR - Company Name: AMREP Corporation[2](index=2&type=chunk) - Date of Report: July 25, 2025[2](index=2&type=chunk) Security Registration | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :--- | :--- | :--- | | Common Stock $.10 par value | AXR | New York Stock Exchange | [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) AMREP Corporation announced its financial results for the fiscal year ended April 30, 2025, through a press release issued on July 25, 2025, furnished as Exhibit 99.1 to this Form 8-K - On July 25, 2025, the company issued a press release reporting its results of operations for the year ended April 30, 2025[4](index=4&type=chunk) - The press release is furnished as Exhibit 99.1 and is not considered "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934[4](index=4&type=chunk)[5](index=5&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits furnished with the Form 8-K, which include the press release (Exhibit 99.1) and the Cover Page Interactive Data File (Exhibit 104) List of Exhibits | Exhibit Number | Description | | :--- | :--- | | 99.1 | Press Release, dated July 25, 2025, issued by AMREP Corporation | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signatures](index=3&type=section&id=Signatures) The report is duly authorized and signed on July 25, 2025, by Adrienne M. Uleau, the Chief Financial Officer and Vice President of AMREP Corporation - The report was signed on behalf of AMREP Corporation by Adrienne M. Uleau, Chief Financial Officer and Vice President[9](index=9&type=chunk)[11](index=11&type=chunk) - Date of Signature: July 25, 2025[11](index=11&type=chunk) [Exhibit Index](index=4&type=section&id=Exhibit%20Index) This section provides a formal index of the exhibits filed with the report, reiterating the press release as Exhibit 99.1 and the interactive data file as Exhibit 104 List of Exhibits | Exhibit Number | Description | | :--- | :--- | | 99.1 | Press Release, dated July 25, 2025, issued by AMREP Corporation | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

Part I [Item 1. Business](index=2&type=section&id=Item%201.%20Business) AMREP Corporation primarily develops land and builds homes in Rio Rancho, New Mexico, navigating market and regulatory challenges - The company's primary business segments are land development and homebuilding, with no foreign sales or activities outside the United States[11](index=11&type=chunk) - A substantial portion of the company's business is conducted in Rio Rancho, New Mexico, the state's third-largest city[11](index=11&type=chunk) [Land Development](index=2&type=section&id=Land%20Development) The Land Development segment develops and sells residential and commercial land in Sandoval County, utilizing reimbursement mechanisms and owning mineral rights - As of April 30, 2025, the Company owned approximately **16,600 acres** in Sandoval County, New Mexico, for development and sale[12](index=12&type=chunk) - In fiscal year 2025, **100%** of developed residential land sales were made to just **three homebuilders**, indicating customer concentration[13](index=13&type=chunk) Property Owned in New Mexico Development Projects (as of April 30, 2025) | Project | Developed Residential Lots | Developed Commercial/Industrial Acres | Under Development Residential Acres | Under Development Commercial/Industrial Acres | Undeveloped Acres | | :--- | :--- | :--- | :--- | :--- | :--- | | Lomas Encantadas | 120 | — | 126 | 6 | — | | Commerce Center | — | 29 | — | — | — | | Paseo Gateway | — | — | — | — | 327 | | Hawk Site | 2 | 35 | 93 | 101 | — | | Hawk Adjacent | — | — | 45 | — | — | | Papillon | — | — | — | — | 656 | | Park West Village | 22 | — | — | — | — | | La Mirada | 30 | 1 | — | — | — | | Playa del Sur | — | — | 5.5 | — | — | - The company utilizes public improvement districts, private infrastructure covenants, and the sale of impact fee credits to be reimbursed for certain development costs[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - The Company owns mineral rights under approximately **55,000 surface acres** of land in Sandoval County, New Mexico[24](index=24&type=chunk) [Homebuilding](index=5&type=section&id=Homebuilding) The Homebuilding segment constructs and sells single-family homes in New Mexico, facing seasonality and intense competition - The company builds and sells single-family homes, offering both built-to-order and speculative ("spec") options[25](index=25&type=chunk) - The homebuilding business experiences seasonality, with revenues and cash flow generally increasing during the first and fourth fiscal quarters due to the timing of home closings[26](index=26&type=chunk) - The housing industry in New Mexico is highly competitive, with pressure on sales volume and margins from national, regional, and local homebuilders, as well as from the resale and rental markets[27](index=27&type=chunk) [Materials and Labor](index=5&type=section&id=Materials%20and%20Labor) The company faces challenges with fluctuating material costs and limited skilled labor, mitigating risks by establishing costs near contract signing - The cost and availability of building materials are subject to fluctuations from commodity prices and government regulations like tariffs[28](index=28&type=chunk) - Sourcing qualified labor at reasonable prices is challenging as labor supply growth has not kept pace with construction demand[28](index=28&type=chunk) [Regulatory and Environmental Matters](index=5&type=section&id=Regulatory%20and%20Environmental%20Matters) Operations are subject to extensive federal, state, and local regulations, potentially causing delays and cost increases, with additional climate and water risks - Operations are subject to extensive regulations which can lead to extended timelines for receiving necessary government approvals, delaying development and construction[29](index=29&type=chunk) - Regulations related to greenhouse gas emissions, climate change, or water availability could restrict development and increase costs[30](index=30&type=chunk) [Human Capital Resources](index=7&type=section&id=Human%20Capital%20Resources) AMREP Corporation employed 49 people as of April 30, 2025, focusing on talent retention and good employee relations - The company employed **49 people** as of April 30, 2025, with **48 full-time employees**[32](index=32&type=chunk) - Employees are not represented by any union, and the company considers its employee relations to be good[32](index=32&type=chunk) [Item 1A. Risk Factors](index=7&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, AMREP Corporation has opted not to provide risk factor disclosures in this report - The Company, as a smaller reporting company, has opted out of providing risk factor disclosures in this report[36](index=36&type=chunk) [Item 1B. Unresolved Staff Comments](index=7&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) This item is not applicable due to the absence of unresolved staff comments - Not applicable[37](index=37&type=chunk) [Item 1C. Cybersecurity](index=7&type=section&id=Item%201C.%20Cybersecurity) The company manages cybersecurity risks through third-party providers and Board oversight, reporting no material incidents in fiscal 2024 or 2025 - The Company relies on third-party service providers to operate, monitor, and manage its IT infrastructure and cybersecurity risks[38](index=38&type=chunk) - The Board of Directors' Audit Committee is responsible for overseeing the company's risk assessment policies, including cybersecurity risks[40](index=40&type=chunk) - For fiscal years 2025 and 2024, the company is not aware of any cybersecurity threats or incidents that have had a material effect on its business, operations, or financial condition[39](index=39&type=chunk) [Item 2. Properties](index=9&type=section&id=Item%202.%20Properties) The company's executive offices are leased in Pennsylvania, while operational facilities are in a company-owned building in Rio Rancho, New Mexico - Executive offices are located in leased space in Havertown, PA, while operational offices for its business segments are in a company-owned building in Rio Rancho, NM[42](index=42&type=chunk) [Item 3. Legal Proceedings](index=9&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine legal matters, which management expects will not materially impact its financial position or operations - The Company is involved in routine legal matters but does not expect them to have a material adverse effect on its financial condition[43](index=43&type=chunk) [Item 4. Mine Safety Disclosures](index=9&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[44](index=44&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=10&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) AMREP's common stock (AXR) trades thinly on the NYSE due to concentrated ownership, with no cash dividends paid since fiscal year 2008 - The company's common stock (Symbol: **AXR**) is listed on the New York Stock Exchange[49](index=49&type=chunk) - The stock is thinly traded, with an average daily volume of **16,350 shares** over the 30 days ending April 30, 2025. This is partly due to a high concentration of ownership, with **three shareholders** holding approximately **51%** of the stock[50](index=50&type=chunk) - The company has not paid any cash dividends on its common stock since fiscal year **2008** and does not guarantee future dividends[52](index=52&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=10&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal 2025 net income increased to $12.7 million, driven by land development margins despite a slight revenue decrease, maintaining strong liquidity [CRITICAL ACCOUNTING ESTIMATES](index=10&type=section&id=CRITICAL%20ACCOUNTING%20ESTIMATES) Key accounting estimates involve land sale costs, asset impairment, uncertain tax positions, and deferred tax asset recoverability, based on judgment and historical data - Key accounting estimates involve land sale cost calculations, asset impairment tests, uncertain tax positions, and recoverability of deferred tax assets[56](index=56&type=chunk) - Critical assumptions for these estimates are based on historical experience, third-party data, and management's judgment regarding future events and conditions, such as sales prices and development costs[57](index=57&type=chunk)[59](index=59&type=chunk) [RESULTS OF OPERATIONS](index=11&type=section&id=RESULTS%20OF%20OPERATIONS) Fiscal 2025 net income rose to $12.7 million despite a 3% revenue decrease, driven by improved land sale margins offsetting lower home sale margins Net Income and EPS Comparison (FY 2025 vs. FY 2024) | Metric | 2025 ($) | 2024 ($) | | :--- | :--- | :--- | | Net Income | 12,716,000 | 6,690,000 | | Diluted EPS | 2.37 | 1.25 | Revenues by Segment (in thousands) | Revenue Type | 2025 ($ thousands) | 2024 ($ thousands) | Change ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Land sale revenues | 25,648 | 26,825 | (1,177) | (4)% | | Home sale revenues | 21,248 | 17,187 | 4,061 | 24% | | Other revenues | 2,798 | 7,357 | (4,559) | (62)% | | **Total** | **49,694** | **51,369** | **(1,675)** | **(3)%** | Home Sale Metrics | Metric | 2025 (Units) | 2024 (Units) | | :--- | :--- | :--- | | Homes sold | 50 | 36 | | Average selling price ($) | 425,000 | 477,000 | - Land sale gross margin increased from **36%** in 2024 to **52%** in 2025, primarily due to changes in reimbursement credits and the mix of property sold, including a larger sale of low-cost undeveloped land[64](index=64&type=chunk) - Home sale gross margin decreased from **25%** in 2024 to **21%** in 2025, attributed to the mix of homes sold, increased sales incentives, and higher material and labor costs[66](index=66&type=chunk) General and Administrative Expenses (in thousands) | Segment | 2025 ($ thousands) | 2024 ($ thousands) | Change ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Land development | 3,847 | 3,677 | 170 | 5% | | Homebuilding | 1,764 | 1,214 | 550 | 45% | | Corporate | 1,667 | 1,980 | (313) | (16)% | | **Total** | **7,278** | **6,871** | **407** | **6%** | [LIQUIDITY AND CAPITAL RESOURCES](index=16&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Liquidity strengthened in fiscal 2025, with cash and equivalents increasing 32% to $39.9 million, supported by operating cash flow and a revolving line of credit Cash, Cash Equivalents and Restricted Cash (in thousands) | Category | 2025 ($ thousands) | 2024 ($ thousands) | Change ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cash | 10,651 | 10,465 | 186 | 2% | | U.S. Government Securities | 28,815 | 19,229 | 9,586 | 50% | | Restricted Cash | 455 | 547 | (92) | (17)% | | **Total** | **39,921** | **30,241** | **9,680** | **32%** | Cash Flow Summary (in thousands) | Activity | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | 10,242 | 10,714 | | Net cash used in investing activities | (553) | (457) | | Net cash used in financing activities | (9) | (9) | - The company's defined benefit pension plan was terminated in 2024, and residual assets of **$547,000** were transferred to the 401(k) plan, recognized as restricted cash[76](index=76&type=chunk) - Real estate inventory increased slightly to **$66.8 million**, with a significant **216%** increase in homebuilding model and completed inventory, offset by a **13%** decrease in land inventory[80](index=80&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=22&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the consolidated financial statements for fiscal years 2024 and 2025, including management's internal control report and detailed notes [Management's Annual Report on Internal Control Over Financial Reporting](index=22&type=section&id=Management%27s%20Annual%20Report%20on%20Internal%20Control%20Over%20Financial%20Reporting) Management concluded that the company's internal control over financial reporting was effective as of April 30, 2025, based on the COSO 2013 framework - Management concluded that the company's internal control over financial reporting was effective as of April 30, 2025[91](index=91&type=chunk) [Consolidated Financial Statements](index=27&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show total assets at $133.8 million and shareholders' equity at $130.0 million, with fiscal 2025 net income of $12.7 million Consolidated Balance Sheet Highlights (in thousands) | Account | April 30, 2025 ($ thousands) | April 30, 2024 ($ thousands) | | :--- | :--- | :--- | | Total Assets | 133,776 | 122,830 | | Total Liabilities | 3,815 | 4,780 | | Total Shareholders' Equity | 129,961 | 118,050 | Consolidated Statement of Operations Highlights (in thousands) | Account | FY 2025 ($ thousands) | FY 2024 ($ thousands) | | :--- | :--- | :--- | | Total Revenues | 49,694 | 51,369 | | Operating Income | 12,107 | 7,602 | | Net Income | 12,716 | 6,690 | Consolidated Statement of Cash Flows Highlights (in thousands) | Activity | FY 2025 ($ thousands) | FY 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | 10,242 | 10,714 | | Increase in cash, cash equivalents and restricted cash | 9,680 | 10,248 | [Notes to Consolidated Financial Statements](index=32&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes provide detailed accounting policies, asset breakdowns, debt, revenue recognition, tax positions, and segment data for land development and homebuilding - The company's two reportable segments are land development and homebuilding[126](index=126&type=chunk)[212](index=212&type=chunk) - As of April 30, 2025, the company had a revolving line of credit with **$3.5 million** available for new borrowings and total outstanding notes payable of only **$26,000**[162](index=162&type=chunk) - In fiscal 2025, **two customers** in the land development segment each contributed over **10%** of the company's total revenues, with amounts of **$11.8 million** and **$6.0 million**[169](index=169&type=chunk) - The company has federal net operating loss carryforwards of **$32.5 million** as of April 30, 2025, which do not expire[192](index=192&type=chunk) Segment Profit (in thousands) | Segment | FY 2025 ($ thousands) | FY 2024 ($ thousands) | | :--- | :--- | :--- | | Land Development | 11,329 | 6,733 | | Homebuilding | 2,445 | 2,849 | [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=58&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) No changes or disagreements with accountants on accounting and financial disclosure occurred during the period - None[221](index=221&type=chunk) [Item 9A. Controls and Procedures](index=58&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of April 30, 2025, with no material changes to internal control - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of April 30, 2025[222](index=222&type=chunk) - No material changes to internal control over financial reporting occurred during the fourth quarter of fiscal 2025[224](index=224&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=58&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2025 Proxy Statement - Required information is incorporated by reference from the Company's Proxy Statement for its 2025 Annual Meeting of Shareholders[228](index=228&type=chunk) [Item 11. Executive Compensation](index=58&type=section&id=Item%2011.%20Executive%20Compensation) Executive and director compensation details are incorporated by reference from the company's 2025 Proxy Statement - Required information is incorporated by reference from the Company's Proxy Statement[229](index=229&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=58&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership and equity compensation plan details are incorporated by reference from the company's 2025 Proxy Statement - Required information is incorporated by reference from the Company's Proxy Statement[230](index=230&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=60&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Related party transactions and director independence information is incorporated by reference from the company's 2025 Proxy Statement - Required information is incorporated by reference from the Company's Proxy Statement[232](index=232&type=chunk) [Item 14. Principal Accounting Fees and Services](index=60&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Principal accounting fees and services information is incorporated by reference from the company's 2025 Proxy Statement - Required information is incorporated by reference from the Company's Proxy Statement[233](index=233&type=chunk) Part IV [Item 15. Exhibits, Financial Statement Schedules](index=60&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the consolidated financial statements, schedules, and an index of exhibits filed as part of the Form 10-K - This section lists the consolidated financial statements filed with the report, including the Balance Sheets, Statements of Operations, and Cash Flows[235](index=235&type=chunk)[238](index=238&type=chunk) - An index of exhibits filed with the Form 10-K is provided, including governance documents, material contracts, and certifications[236](index=236&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk)

Core Viewpoint - AMREP Corporation reported significant growth in net income and revenues for the third quarter and first nine months of fiscal 2025 compared to the same periods in 2024, indicating a positive financial performance trend [1][5]. Financial Performance - For the third quarter ended January 31, 2025, AMREP's net income was $717,000, or $0.13 per diluted share, compared to $92,000, or $0.02 per diluted share in the same quarter of 2024 [1][5]. - For the first nine months of fiscal 2025, net income reached $8,823,000, or $1.64 per diluted share, up from $2,546,000, or $0.48 per diluted share in the prior year [1][5]. - Revenues for the third quarter of 2025 were $7,520,000, a decrease from $12,689,000 in the same quarter of 2024, while revenues for the first nine months increased to $38,516,000 from $31,833,000 year-over-year [1][5]. Shareholder Metrics - The weighted average number of common shares outstanding for the third quarter was 5,321,000 (basic) and 5,381,000 (diluted) in 2025, compared to 5,303,000 (basic) and 5,346,000 (diluted) in 2024 [5]. - For the first nine months, the weighted average number of common shares outstanding was 5,316,000 (basic) and 5,376,000 (diluted) in 2025, compared to 5,299,000 (basic) and 5,341,000 (diluted) in 2024 [5]. Company Overview - AMREP Corporation is a major landholder and a leading developer of real estate, as well as an award-winning homebuilder located in New Mexico [3].

[Form 8-K Current Report](index=1&type=section&id=Form%208-K%20Current%20Report) This report details significant events, including the announcement of financial results and the filing of related exhibits [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) AMREP Corporation announced financial results for the periods ended January 31, 2025, with the accompanying press release not deemed "filed" under Section 18 of the Securities Exchange Act of 1934 - AMREP Corporation issued a press release on March 7, 2025, reporting its results of operations for the three and nine-month periods ended January 31, 2025[4](index=4&type=chunk) - The information in this report and Exhibit 99.1 is not deemed "filed" under Section 18 of the Securities Exchange Act of 1934, nor incorporated by reference into Securities Act of 1933 filings unless explicitly stated[5](index=5&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section details the exhibits accompanying the Form 8-K, including the financial results press release and the interactive data file Exhibits Filed | Exhibit Number | Description | | :--- | :--- | | 99.1 | Press Release, dated March 7, 2025, issued by AMREP Corporation | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signatures](index=3&type=section&id=Signatures) The report was duly authorized and signed on March 7, 2025, by Adrienne M. Uleau, Vice President, Finance and Accounting for AMREP Corporation - The report was signed on March 7, 2025, by Adrienne M. Uleau, Vice President, Finance and Accounting, on behalf of AMREP Corporation[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk)